UPDATE 2-Toronto stocks climb, but off earlier high

TORONTO, March 11 (Reuters) - The Toronto Stock Exchange's
main index backed off its earlier high on Tuesday as gains made
shortly after a coordinated move by central banks to help ease
liquidity strains opened the door to profit taking.

The S&P/TSX composite index .GSPTSE was up 177.02 points,
or 1.36 percent, at 13,182.11, by early afternoon after racing
ahead 273.56 points, or 2.1 percent, to 13.278.65 moments after
the markets opened.

The early gain was backed by news of a joint plan by the
Bank of Canada and other central banks to inject liquidity into
faltering world credit markets. The U.S. Federal Reserve said
it would add up to $200 billion to strained credit markets.

But the coordinated effort by the central banks to try and
calm credit fears was not enough to keep Toronto's benchmark
from handing back nearly half its gains as the session wore
on.

"I think it got a little too carried away and I'm not sure
that what the Fed has done is necessarily going to change
much," said John Kinsey, portfolio manager at Caldwell
Securities Ltd.

The materials sector charged 2.9 percent higher, followed
by 1 percent gains in the heavily weighted energy and financial
sectors. Seven of the TSX's 10 subindexes were higher.